Oikocredit teams up with DFC, Norfund and responsAbility on a financing vehicle investment to ‘impact millions'
The new financing vehicle is the largest off-balance-sheet financing facility of its kind in the industry and will pave the way for d.light to sustainably expand its PayGo operations across Africa.
Oikocredit has teamed up with U.S. International Development Finance Corporation (DFC), Norfund and responsAbility on a joint investment to support the financing vehicle, Brighter Life Kenya 2 Limited (BLK2).
Solar Frontier Capital Limited (SFC), a wholly-owned subsidiary of African Frontier Capital (Mauritius) LLC (AFC), and d.light design Inc. (d.light), a leading global innovator of solar powered transformational products for low-income families, jointly announced the recent establishment of BLK2, a USD 238 million off-balance sheet financing vehicle.
BLK2 provides d.light with flexible working capital. The vehicle will finance a range of products that drive quality-of-life improvements, from solar home systems to high-efficiency appliances and smartphones. The structure is expected to reach 2.8 million lives and reduce over 600,000 metric tons of CO2 emissions.
James Todd, Head of Renewable Energy at Oikocredit, said: “This facility will impact the lives of millions in Kenya and we are highly confident that it will prove to be a template for even greater impact across the continent. We are thrilled to be able to support d.light’s continuous upward trajectory through the sustainable expansion of its pay-as-you-go activities.”
Read the press release on d.light’s website: BLK2-Press-Release-14-June-2022.pdf (dlight.com)
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